French oil major Total said a recovery in crude prices, cost cutting, and increased output helped it limit a fall in its profits for the second quarter. Net earnings fell by 30 percent to $2.1 billion (1.9 billion euros) in April through June compared to the same period last year. Sales slumped by 17 percent to $37.2 billion.
Adjusted net income, a measure followed by markets that excludes changes to value of stocks, also fell by 30 percent, to $2.2 billion. That beat the $1.9 billion of adjusted net income on $30 billion in sales expected by analysts surveyed by FactSet.
Total pointed out that crude prices recovering from 13-year lows under $30 per barrel that they struck at the beginning of the year to an average of $46 per barrel in the second quarter had helped improve results. "Total captured the benefit of this rebound," said chief executive Patrick Pouyanne, saying that adjusted net income had climbed by a third from the the first quarter.